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Geithner Tells NBC S&P Shows "Stunning Lack Of Knowledge About Basic US Fiscal Budget Math"
Geithner was on NBC and when discussing the massively overdue S&P downgrade of US debt, shared the following pearl of wisdom: "S&P decision to cut U.S. credit rating shows stunning lack of knowledge about basic U.S. fiscal budget math." Listen to Tim: when it comes to stunning lacks of knowledge about things, Tim is the absolute expert, although in his case it is mostly the US tax code. He added that S&P made a "terrible judgment" and reached the wrong conclusion. He is right. The cut should have been at least several more notches. But there is time... Lastly, and most expectedly, he added that the S&P decision changed nothing on the safety of Treasuries and that China remains a strong investor in the US. Perhaps. We shall see after the TIC statement from October is released, which will detail August transactions. Alas, by then the world will have other issues to deal with.
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Geithner submits his Letter of Retardation....
Fucking hilarious!!
All this bickering back and forth seems to me like a bunch of charades to deflect people's attention away from the fact that a bunch of insiders had inside information and got the hell out of dodge before the shit hit the fan last week. Instead of listening to what these criminals are bickering over, we need to demand an investigation into who knew what, when and how.
If you are talking about all the Christian dudes that had come back from three weeks in the Grove last week, then duh!
"fact that a bunch of insiders had inside information and got the hell out of dodge before the shit hit the fan last week"
Quote of "this" week !
Yes, which fox currently guarding the hen house do you propose to do the investigating?
Tuco
And believe it or don't, NBC is surprised their boy is a feckless and callow idiot. Now, how do they build him up again as the nation's savior? It worked before...
One of the best comments I've read in a long time!
Turbo Tax Timmah pontificates on math...it just doesn't get any better...LOL!!!
And remember that Chinese STUDENTS literally LAUGHED in Geithner's face when he went there spewing his BS about two years ago. Everyone with a brain knows Geithner's is a dolt and the 5% yearly growth the US Gov is judging their numbers on is a farce.
Is it your opinion that those numbers are too low? Do you think we will have growth over 5 percent for the foreseeable future? Just messing with you. He really is a douche.
The problem with that, MarketTruth, is that the Chinese models are even more farcical.
Proof then that the Chinese know farcical when they see/hear it.
Yes, that's a good thing to be remembering. I laughed out loud when I came to the part about China remains a strong buyer of treasuries. Less and less so all the time. What do you call this? If the Band plays a little louder, maybe the bows won't sink any further into the Atlantic?
Math hysteria.
Mass hysteria with a lisp? LOL
Although I guess that would be 'math hythteria.'
That's as funny as Obama becoming a golf pro.
ROTFLMAO!!!
By virtue of being a politician he was already a "pro".
Yes, like Bill Clinton the best wood in his bag is his "pencil"!
Tuco
No risk at all for a downgrade remember. This guys knows his shit.
Anyone else having issues with zh loading?
yep
Anyone else having issues with zh loading?
yes. And something called Pressflow / Drupal telling me that I cannot connect to ZeroHedge.
Transitory
Fucking weasel.
his own stunning lack of knowledge!
OMG. I think I've just pissed myself laughing so hard!
clean up crew to Aisle Wight!
Lol. To aisles of Greece?
I am still amazed that such garbage can flow from the mouth of mr jeethner.
I'm telling you -- BHO and his administration are beyond arrogant. They know what is true and, worst yet, they know what is best for the people. Central planning is the end game.
http://thepeoplescube.com/images/Obama_Hope_Negative_2.jpg
No! The end game is "eugenics"!
Tuco
This from the guy that couldn't figure out his tax software!!!!!!!!!!!
No...this from the guy who SAID he couldn't figure out his tax software...Turbo Timmy.
There once was a Klepto named Tim
Who everyone thought was quite dim
With cunning and stealth
He stole all their wealth
Now laughing the loudest is him.
Imagine a "Weird"Al Yankovich redoing this song. It's even about Canabilism!\
http://www.youtube.com/watch?v=DGNdvKvbxYQ
This site is too funny. Don't you know your leaders reflect your people.
I haven't voted since We the Sheeple failed to elect Perot in 1992!
Moreover, there's a HUGE section of the USoA that didn't CONSENT to the (D) & (R) Free Shit Empire™...
So from an A-M-E-R-I-C-A-N, not a POS DemoRAT -or- GOPher, I don't find the District of Criminals funny one fuckin' bit!
Did you know if you rescind your voting rights you can then challenge paying income tax remember "taxation without representation" well it works the other way round.
You first!
I keep paying my protection money to the FSA mob, as I'm outnumbered at least 1,000,000 -to- 1 :-(
The only problem is that the Free Shit Empire/Army is the only reason people don't knock down your door and loot your ass dry.
Ha, ha. When the looting comes it certainly "will be" the Free Shit Empire/Army. Have you not yet figured out that the Department of Homeland Security was established to be used against the American people!? Knock, knock:)
Tuco
Then they might want to be prepared to move rather quickly. Social order is being lost on more than just individual circles these days. If it ever gets above a _small_ mob...
First off, they are our representatives, not our "leaders". Second off, the crowd on ZH is mostly not the run-of-mill brain dead American that is reflected by the clowns in office.
Come on now Ramboy, tell us what pristine leader you have in your pristine country.
Bet you don't have the guts to tell the truth.
If ya can't take a punch in the mouth then, read, don't comment on ZH.
In case you weren't aware of it, our government was captured by bankers circa 1913. We the people, have had little say in matters since then. No denial here, just harsh, painful truth.
But our leaders do not reflect ZeroHedge.
NATION FULL OF DENIAL
My Winkie is bigger than your winkie. Poop.
I am amazed that so many hard working god fearing americans will watch that interview and believe mr. jeethner.
Boobicus Americanus is easily fooled.
The god fearing ones will beieve anything; argument proven as delivered.
LIARS & WHORES
What an arsehole. He's going to down in history next to Bozo the Clown.
It's a terminal condition.
The plane would fly so much better without any instruments.
Is this your way of saying he is a tool?
Amazing.... someone believes the plane is still flying.
As to his failure to pay the payroll taxes from 2001 to 2004 while he worked for the International Monetary Fund, Geithner said: "These were careless mistakes. They were avoidable mistakes."
"But they were unintentional," he said. "I should have been more careful."
S&P should sprinkle those 4 quotes into its defense memos.
Skanks in NY watch the housewives of NY and actually think they're nothing like that
+2011
I see that every day.
Ramboy
You must be from out of the country. If you've been to NY then you would know skank and housewife are one and the same.
Life denying art imitating life.
Thank God has only a basic understand of inflationary math. Tough to understand how you can rate something AA+ that pays back .50 to the dollar over 12 years.
Duhh! plus two. what happened to the thumbs up button; is this the new new normal, or is this just my Chrome browser expressing it's "individuality".
Supa Timma!
No fudge button on their calculator.
Sounds like Timmy has a case of the vapors. Oh, the trials and tribulations of the one-balled man!
waiting for Banzai to rip him apart..yet again :)
You will let us know when the world ends right? Gold and silver gap 1or 2k and Es gap at least a 500.
Im waiting untill i see a headline: "The world has ended, thank you for playing."
I should'n joke it could be tomarrow. But untill the world ends im just a guy who jumped out a window and as i pass each floor i say ( so far so good).
Still im glad i found this site. Hopefully the finacial world will not end tomarrow.
If it does Walmart looks to see aome solid sales.
WMT's same store sales are in freefall. Google Howard Davidowitz.
Further, think about it, their core customers (low income) are the ones getting butchered. How can they do well?
SNAP
And a real question:
Does anyone actually believe that SNAP/Food Stamps/UI Benefits/SS last another two years in present form?
See "Brookers" on youtube; "paste, I like to eat paste".
Wallymart-typical short term thinkers. All the Chinese shit is coming to haunt them.
But they're getting a lot of new low income core customers from the (ex)-middle class. They're just shopping at Target for a month or two on their way down to the sewer.
The headline will say "World has ended. Women and minotities hardest hit."
Did you mean to say, "Women and Mini-titties hardest hit"?
Wow... And he's in charge of the US government's money. It pretty much explains everything.
What an idiot. He can say this because now QE 3 begins on Monday. Ben's printer has gone thru multiple toner cartridges today as he is going to try and absorb all the sales orders tomorrow.
What is even worse is the GSE's debt got a downgrade from this also. My be is they try to protect Treasuries and the GSE's get crushed.
Sold to him; he might be the only bidder come tomorrow morning.
Israel down 7%, Brazil down 6% today.
If this continues, we probably circuit-breaker at the open, and then ALL bets are off.
Timmy is right. Be a patriot. Stand by him. Defend your country from the S&P.
We're too busy pulling a train on your sister.
Harsh.
That d-bag has been trolling all day.
timmah is tremendously full of shit and lying thru his bankster teeth. of course.
Yeah, it didn't change anything. US debt is still junk, or at best-near junk.
But fuck it, I'm happy the world isn't (yet) ending, as that gives more time to accumulate silver, and for my industrial panic scenario to play out. To be honest, I was damn scared today, and seeing things NOT blow up in an unprecedented manner makes me quite happy.
+1
Tuco
Okay Timmay, then show us in explicit written detail the inaccuracies (assumptions, arithmetic, etc.) in S&P's analysis. It can't being anymore egregious than the assumptions supporting YOUR budget forecast - above trend GDP growth, below trend inflation, below trend FF rates. Geithner probably thought S&P should have sent him the report for his approval in advance just like all of the equity analysts did in go-go days pre-Sarbanes-Oxley.
http://www.youtube.com/watch?v=JnX-D4kkPOQ
Should The Government Stop Dumping Money Into A Giant Hole?
The Money Hole is an American Tradition!
One could say the same thing about the Free Shit Army, too. (Of which most would consider me a member...)
Timmy - the little sheep with a lot to learn
http://www.youtube.com/watch?v=7AHvzskE6NQ
Courtesy of Childrens BBC
Geithner has somewhat a valid argument vs. S&P (btw, a very corrupt outfit)
S&P downgrades USA, but countries like UK (debt to GDP ratio higher than US) and France (long not treated as AAA by the markets) still have AAA.
No one made a mistake in the Math ? It is all pretend bullshit anyway ! Bullshit plus Bullshit equals Bullshit.
Goldman's man Timmy and their bought-and-paid-for puppet Obie have the requisite for the job; unabashed and unmitigated gall.
Charles Darwin was wrong
No, he was right. The economic and political clusterfuck and the debt-that-can-never-be-repaid is ongoing cost of circumvention.
Ding Ding. Give that man a kewpie doll!
The sad thing is that the Sheeple don't know and they don't WANT to know what's going on... That allows this administration (and others) to drive our country off the cliff.
I like to call it the "Thelma and Louise method of government financiing".
It really is quite simple, the situation we are in, follow the logic....
http://www.youtube.com/watch?v=C9uqPeIYMik
Once the midair portion of this phase is over, the sheeple will be in for a rude awakening ;-)
Got schadenfreude?
No, not really. It is a small man that takes pleasure in watching his fellow common man fall under the hand of the fascists and TBTF. I've tried to awaken the people.
+1
Tuco
"Are we having fun yet"?
Did anyone see Austan Goolsbee's face when Alan Greenspan was asked on Meet the Press by David Gregory if US treasuries were safe to buy and he answered, "Very much so. This is not an issue of credit rating, the United States can pay any debt it has because we can always print money to do that. So, there is zero probability of default." ?... Sunday morning entertainment at its finest.
Just read an article about Greenspan's appearance on "Meet the Press". The big G said the downgrade has caused the US to have a self esteem problem.
LOL! OMG; that's a bit much.
Alan Greenspan and Bill Clinton. The concept of "shame" has certainly disappeared!
Tuco
Geithner also thought Bernanke would have a strong dollar policy, when Bernanke and all ivy league economists have taught for decades that lowering a currencie will solve all of the given financial problems. Dudes just plain clueless, or he is so inside the system that he don't mind lying.
Jeepers people. These people know exactly what they are doing. They are just following orders. Where's Nurmeberg when we need it?!
Tuco
I know a lot of people on ZH give Obama grief and they should because; Obama knows better.
I mean really we have all heard his speaches and him debate. This guy knows better then this.
Or maybe we lack the data the knolege Obama has? Is this truely the best option on the table? Is there no other way?
We all now have to watch and wait to see what others great powers do, when doing will undo all that has been done.
This guy knows better then this.
No way ! Goldman's man Paulson figured him out for the stooge that he is. How many Goldman partner's contributed to his campaign.
A few million investment for a $20 billion return.
Sorry pal. Barry is no leader.
Obama is a Chicago politician. What he knows is how to lie, cheat and steal to get whatever he wants then slither away from it like the snake he is. He would also acquit himself quite well in the Louisiana politics. Don't forget the Daiey's run Chicago. Does anyone remember what Daley did during the 68 democratic convention? Yet they continue to vote Daley prodgenies. He must must be very scholarly on the ways of Tammany Hall. So yes he is smart and clever the way the great theifs of the day were smart. He has just decided to use his intelligence for evil instead of good. For self service and political gain instead of what's right for the American people. In fact I guess all that makes him is just another politician. Can't think of a greater insult than that these days. Honor among theives can now be replaced with Honor among politicians. It's the same thing. Unfortunately there is no honor for the taxpaying American.
Dude; there's a video on youtube of Obummer giving a public speech and saying that he just visited 57 American States. Go there, look it up, right now. You're dreaming, my friend.
S&P needs to start using fuzzy math. That's what we use.
bud and lou...
http://www.youtube.com/watch?v=qu-qgPjEcPI&feature=related
Keep your foot in the door of Mt Cheyenne Timmy. You will need it.
He's right, in his own sick way.
The entire basis that we have 315,000,000 in our population depends on the fact that we can extend and pretend and defy mathematics.
For example, if we were not to have grown (in real dollars) since 1980, we've effectively overextended ourselves by the amount of population from 1980 to now -- and that's pushing, what, 60-80 million?
"Basic US Fiscal Budget Math" is a scam, in real mathematical terms -- and if we are EVER forced to account for that, the country ends, and probably within a few days to a couple of weeks.
Big fucking words from a Goldman Sachs butt-boy!
Big fucking words from a Goldman Sachs butt-boy!
Merry Christmas from Stalingrad !
These guys are losing more credibility each time. You know what they say 'there is no honor among thieves'.
Perhaps it's just your perception of them that's changing. IMO, they had no credibility from day one.
Why doesn't this guy draw in some eyebrows already. Parrots yank out their own feathers when highly stressed.
Timmay--if his lips are moving......well, you know.
Every time I see Timmy, it reminds me of the movie Ghost.
I can't help but see him as the scumbag banker. If I could post pictures I would show Tony Goldwyn and him side by side.
A little OT but Hey it fits
He reminds me of Benjamin "Bugsy" Siegel, his Kosher Nostra bro.
What is he gonna say when Moodys and Fitch catch up?
He's gonna bang his fists on the table and scream till he turns red in the face and yell, "I didn't do it, I didn't do it, my little brother did it".
If any CFO were caught keeping their corporate books in the manner that the US does and utilizes US government math they would be spending the rest of their lives living next to Madoff. The US and Geithner have a stunning lack of basic knowledge in honest and realistic budgeting that goes on in corporate America every day.
Is this the turbotax support forum? Um, I'm having trouble getting a trillion into the calculator. Can someone help?
I'm a senior citizen who has seen and been involved in a lot of politics in my life.
I have never, never seen any national political figure act as ignorant as our current president and his secretary of the treasury.
I'm an independent voter and have no ax to grind with any particular political point of view.
The president, a democrat, and the secretary, a republican have no leadership skills. Their ignorance is scary.The vacum of leadership at this time is alarming! Who ever it was that put these muppets into office is no friend of the US. If our president was a leader he would have gathered his department heads together a year ago with this admonition: "Cut your expenditures 5% from fiscal year 2010/2011 effective 7/1/2011. I with the help of the CBO will monitor you monthly. Whomever is not on target will be fired and replaced with someone who understands the gravity of the situation we are in. No exceptions!!! (i.e.the pentegon)!" Instead he played some sort of freshman political ping pong ball of blame trying to get congress to come up with a solution. Pathetic! I'm not happy with this hapless chap at the helm of our country and just as unhappy with the George W Bush carryover whose in charge of the treasury. This could have been handled administratively rather than handing it over to a deadlocked congress.
I'm proud of S&P's. It appears they learned from their failure to downgrade the sub primes as would have been appropriate.They warned that the budget talks needed to come up with $4 trillion in cuts or they would downgrade. Congress and the president didn't listen and came up with a lame attempt at reducing expenditures only $1.5 trillion prox. in expenditures. Hence the downgrade.
Thank you S&P for bringing a sense of reality back into our world. Moody's, Fitch, got the cojones???
Dear Senior Citizen: This isn't the 1970s. The world is now run by an international banking and corporate fascist cartel. Obama and 95% of congress are bought and paid for. This collapse is by design. Time to wake up before the Obamacare death panels get you!
Tuco Benedicto Pacifico Juan Maria Ramirez
Thanks for your kind concern.
Being senior hopefully hasn't dulled my senses as you seem to insinuate.
I'll repeat we need leadership!
The sad irony of our current situation is that a solution exists, however the likelihood of it being implemented ( a reduction in government expenditures) is small.
Sad.
You're goddam right. we're scrapping the bottom of bozo barrel.
<-- This from the guy who can't do his taxes!
<-- Transitory
Yes, Geither is the math wizard.
When discussing liabilities, 1 trillion + 1 trillion = 0
When discussing assets, 0 + 0 = 2 trillion
The fact that this asshat wasn't Peter Principled down to a fast food job many years ago is proof that our system is completely broken.
The thing is the blogosphere actually exists now; and it sometimes contacts the MSM; just watch Timmy going to get shit on by the ton.
Can we call him
ObamAA+since he helped earn the downgrade?
New name for Timmay needed.
Hmmm ... there is one 'out' for all this, the discovery of a new energy source, like, chceap, easy cold fusion or ZPE.
THAT could save us/the world from ruin ...
.
Fuck the World; it's not having any problem; who's going to save us from these fucking Federal Political figures.
<sarc>Well. I actually know the new energy source. And I hacked the tax code in a way that makes timmay puff twice into his hawking/einstienian wheel chair.</sarc>
<non sarc> End the friggin tax code before it has 66,666 pages. If you are really good at your job, you should be proud of how much taxes you pay. </non sarc>
Elvis Bragged about how much taxes he paid. Keynes not so much
http://www.youtube.com/watch?v=cAWalYmC170
He is exactly the sock puppet the cartel had in mind for the position.
He is exactly the sock puppet the cartel had in mind for the position.
And our beloved old man Buffet also distributed his wisdom regarding how wrong S&P is in this decision.
Tyler, can you pls create a post with S&P email where we can send kudos to the sovereign rating team for having balls and not being enuchs like Moody's (buffet own) and Fitch.
Offices raided in US next
http://www.guardian.co.uk/world/2011/aug/04/police-raid-milan-moodys-sta...
Little Timmy to Teacher: "The dog ate my homework."
Teacher to Little Timmy: "You sir, are a lying cunt."
CNBC had a two hour special on tonight that was essentially thumping on S&P. If it wasn't a big deal as the govt. and CNBC have said, why in gods name did they care in the first place and also have all these major meetings in the US and in the EU about what to do or not to do.